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Ootbox Shark Tank Update

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OotBox stands for ‘Out of the Box ‘. Many people struggle to work from home at this time because they suffer from disturbance at home and cannot afford to move into a separate room. OotBox comes to the rescue for those people. People can set these 10- foot shipping containers anywhere they want- in their backyards, front yards, or inside their houses.

OotBox rents the workspace for $1500 per month. The user just has to place an order and the worker will visit the place and install the workspace for them. OotBox provides the atmosphere of an office with no disturbance and an efficient working ambiance.

Ootbox at a Glance:-

IdeaOotbox – Modular Box made for extra space
FoundersRobbie Friedman and Allison Zofan
Asked For$300,000 for 5% equity
Accepted Deal$300,000 for 10% equity
SharksBarbara Corcoran
Business statusIn Business
Episode No.Season 13, Episode 16
WebsiteOotbox

Index:

Who are the founders of Ootbox?

OotBox was founded by Robbie Friedman and Allison Zofan. Robbie was a student at the University of Michigan Law School and he worked with various startups. Later, he commenced his startup named the Friedman Law Group, LLC, Viewabill Startup.

He included ootBox in his startup after he researched this problem. Allison is the COO of the company and co-founder of ootBox. She studied at Indiana University Bloomington and acquired a Bachelor of Science in Public Affairs Management. She worked for 5 years at CEB and later for 8 years at Gartner.

Did Ootbox get a deal on the Shark Tank?

Allison and Robbie came on the Shark Tank seeking an investment of $300,000 for 5% equity in the business. They demonstrated their business concepts and how they are different from others. Robbie also shared that there is an increasing demand for their product. Sharks had a few backs and forth with the founders of Ootbox. Daniel Lubetzky was the first to share his opinion. Daniel said that he didn’t understand the purpose. There was no need for it and, therefore, he was out.

Mark Cuban countered Daniel and said there are 1000 reasons to do it, but he was more concerned about the margin and cost. Robbie shared that they have two rules of business, as they lease it and sell it both as per the customer needs. When asked about the sales, Allison shared that they had sales of $900,000 in 2021. Barbara Corcoran had some back-and-forth with the founders. Founders shared that customers lease their boxes and once they use them, they either renew the lease for 8 more months or purchase the box. You step as a customer to the door of the Ootbox and once you use it, you turn into a consumer for them. Lori Greiner appreciated the idea but she didn’t find her a good fit and, therefore, she went out.

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Mark Cuban went out as he didn’t believe that it would scale in the future. Daniel Lubetzky was concerned about the growth factor too and went out. Kevin O’Leary somehow got convinced and gave an offer of $300,000 for 5% equity. He wanted $1000 per box until he got double his investment amount back. Barbara Corcoran compared it with Boho Vans and gave an offer of $300,000 for 20% equity in the business. Kevin O’Leary said he’d go with 15% equity for the same amount.

Robbie and Allison gave a counteroffer to Barbara of $300,000 for 7% equity in the business. Barbara Corcoran agreed to do it for 10% equity, and Kevin O’Leary jumped in and said he’d do it for 9% equity in the business. After a short discussion, Robbie and Allison accepted the deal with Barbara Corcoran.

What happened to Ootbox after the Shark Tank Show?

After the show, once the show aired, the next week, Barbara Corcoran tweeted Welcome to the Family Ootbox, which indicated that the deal made on the show was closed between Ootbox and Corcoran. The founders have come up with a new idea of the Flat-Pack which will be sold through Amazon. 

During the pitch, they came up with a valuation of $6,000,000, which was brought down to $3,000,000 by Barbara Corcoran. If you want a temporary, movable workplace, then just contact Ootbox. After the show, when the show aired, Ootbox was very popular among various business firms. Ootbox itself, a business that provides workspace to other businesses, is quite ironic. They currently have four types of boxes and prices vary based on demand. For OG, they charge $1000 or more per month, and O2 costs $1100 to $1500 as they have one full wall made of transparent glass. 

As of 2021, they had sales of $900,000, and currently, it’s been around 3 to 4 months working with Barbara Corcoran in this ongoing year 2022.

Competitors of Ootbox are:-

  • Zenbooth
  • Talkbox
  • Poppin
  • Framery
  • Cubicall

What is the net worth of Ootbox?

The net worth of Ootbox is estimated to be $10 million. The valuation at the time of the show was $6,000,000, which was brought down to $3,000,000 by Corcoran.

Is Ootbox still in business?

Ootbox is still in business and is doing well. In 2021, they had sales of $900,000 and are currently working to achieve more numbers with Barbara Corcoran.

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What is Ootbox?

OotBox stands for ‘Out of the Box ‘. Many people struggle to work from home at this time because they suffer from disturbance at home and cannot afford to move into a separate room. OotBox comes to the rescue for those people.

What's the net worth of Ootbox?

The net worth of Ootbox is estimated to be $10 million. The valuation at the time of the show was $6,000,000, which was brought down to $3,000,000 by Corcoran.

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